News update

• UK businesses confidence dropped in two separate surveys, reflecting a darkening economic outlook marked by recession and persistent inflation. Lloyds Bank Plc said its measure of sentiment fell to 10% in November from 15% in October — the lowest levels since February 2021.
• British Retail Consortium said shop price inflation accelerated to 7.4% YoY in November, a new record for the index which started in 2005, and up from 6.6% in October. Food price increases hit 12.4%, with meat, eggs, dairy and coffee under particularly heavy pressure.